11:17 AM EDT, 08/20/2024 (MT Newswires) -- Dolly Varden Silver ( DOLLF ) on Tuesday said it increased the size of its bought-deal financing by $3 million, to $28 million, and granted the underwriters a 15% over-allotment option.

The company said mining financier Eric Sprott also intends to participate in the financing.

The financing consists of 10-million shares priced at at $1.00 each, and 14.4-million flow-through shares at $1.25 each.

Proceeds from the sale of shares will be used for working capital and general corporate purposes, while proceeds from the sale of FT shares will be used to develop the Kitsault Valley project, in northwestern British Columbia.

The first tranche of the offerings is expected to close on or about September 4.

Dolly Varden shares were last seen down $0.05 to $1.03 on the TSX Venture Exchange.

Price: 1.03, Change: -0.05, Percent Change: -4.63